Company profile
Mobil Development is one of the few suppliers of one-stop wireless communication antennas and radio devices in China, and its main duties include the design, construction, marketing and sale of base station skylines, launch subsystems and coverage of extended solution solutions. The company's market share of outdoor base station skyline and indoor distributed skyline ranks among the top three in the industry. The company sells products directly to Chinese and overseas suppliers, and also supplies products to some of the world's leading network solution suppliers.
Investment summary
According to the 13-year report of the MOBI Development Conference, the annual net income increased by 29% to 888 million yuan, but turned into a profit for the whole year, realizing a profit of 19.061 million yuan, equivalent to 2.35 cents per share, and a final dividend of 2 Hong Kong cents. From the perspective of the division, thanks to the licensed construction of 4G, the base station transmitter subsystem that first benefited achieved the largest increase, with sales increasing by about 75% to 497 million yuan, and the proportion of service revenue also increased from 41% to 56%.
With the explosive growth of 3G and 4G products, the structure of the company's products has been changed, and the proportion of 2G products sold during the period has dropped to 15.2%. While 3G and LTE have increased to 61.1%, this has also led to higher ASP and stronger profitability. over the past 13 years, the company's sales gross profit margin has increased by 5 percentage points to 21.8%.
ZTE also announced on the 18th that it will start 4G commercial use and speed up inland 4G commercial and construction. Previously, China Mobile said that the target of 100 cities equipped with 4G commercial conditions will be realized ahead of schedule in the middle of this year, and it is expected that by the end of March, there will be more than 250 cities with equipment commercial conditions in the next year. Overall, the main investment in 4G is expected to be concentrated in 14 years. As a result, upstream developers such as Mobi are expected to accelerate growth this year.
The usage rate of 4G generation is different from that of 3G, and the same regional coverage requires more equipment such as base stations to be put into service. At the same time, MIMO technology has changed the equipment of a unit to N, that is, the number of 3G base stations per base station has increased, which also means that there is a greater increase in the number of suppliers such as Moto.
There is still room for improvement in the gross rate of the company in the future. First of all, in the context of the substantial expansion of production capacity of 4G mobile companies, the conventional model effect will be regarded as outstanding. Second, the proportion of 4G products has increased, and it is expected that higher profits will be achieved. Third, the company's raw material cost is also expected to be low. In addition, the benefits will also raise the level of profitability.
